AXA And Alibaba Team Up To Hawk Insurance Products, Peace Of Mind

AXA, the global insurance company, Alibaba, the eCommerce giant, and its Ant Financial Services unit are teaming up to distribute AXA’s insurance products and services via Alibaba’s online platforms.

In a press release, the companies said they will also work together to develop additional products and services that mutually supports each other’s businesses.

In the first phase of the alliance, AXA will create insurance products for AliExpress, a retail marketplace, including extended warranties for repairs and online payment protection. On Alibaba’s wholesale marketplaces, including Alibaba.com and 1688.com, AXA will offer small and medium-sized businesses that are trading on the two platforms insurance products. Via Ant Financial Services, the Alibaba affiliate that provides financial services, AXA will provide travel insurance for Chinese travelers going outside of the country. According to AXA, the insurance products and services will be developed by AXA’s local entities based on the needs and requirements of the local customers.

“Forming partnerships with the most forward-thinking companies is part of our strategy to seize new business opportunities. This proposed collaboration with Alibaba could provide us with a unique global and direct distribution channel, and we are looking forward to serving Alibaba’s customers and to developing bespoke and innovative insurance products and services for them,” said Thomas Buberl, deputy chief executive officer of AXA. “Thanks to Alibaba’s unrivaled knowledge of its home market, this partnership will also help us further accelerate our development in China, where we already are the number one international insurer.”

The benefits of the deal are obvious for AXA, getting access to a slew of potentially new customers. For Alibaba, it gives it the opportunity to build trust with consumers and hopefully lure those who may be wary they will end up purchasing fake products.

“Our collaboration with industry leader AXA is a key part of Alibaba’s globalization strategy and our vision to enable small businesses and consumers alike to enjoy the convenience and benefits of eCommerce in a safe trading environment,” said Michael Evans, president of Alibaba Group, in the press release. “As cross-border eCommerce grows rapidly, it is critical that we evolve our services and offerings to the businesses and consumers that conduct trade on our platforms. The collaboration between AXA and Alibaba will enable us to create new solutions and ultimately improve the overall customer experience.”